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Chrysaor completes £2billion purchase of ConocoPhillips' North Sea assets

Chrysaor has announced the completion of its mammoth £2billion purchase of ConocoPhillips’ North Sea assets.

The private equity-backed player agreed on the deal to acquire the US major’s UK operations in April, making it the largest net producer in the region according to GlobalData.

The deal, backdated to January 1, 2018, brought first half 2019 production to 195,000 barrels of oil equivalent with the new assets adding 72,000 barrels per day.

Highlights of the purchase include operatorship of the Greater Britannia Area and J-Area in the Central North Sea and a 7.5% stake in the BP-operated Clair field, West of Shetland.

It also includes stakes in a host of other non-operated assets in the East Irish Sea, Shell’s Galleon field and Premier Oil’s Nicol field and infrastructure including the Brent pipeline and Sullom Voe gas terminal.

Chief executive Phil Kirk said: “The completion of this acquisition confirms Chrysaor’s position as one of Europe’s leading independent exploration and production companies.

“We are now one of the largest UK producers with a portfolio of high-quality, long-life assets complemented by a professional and expert staff.

“As we enter a new chapter for Chrysaor we look forward to welcoming our new colleagues and the safe integration of the two businesses. We have identified a number of exciting growth opportunities in our expanded portfolio and across the CNS.”

The transaction does not include ConocoPhillips’ London-based commercial trading business nor its interest in the Teesside oil terminal.

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